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Steel News May 06, 2024 04:30:38 PM

ArcelorMittal: Spike in Volumes, Higher Steel Spreads Boosted Q1 2024 Results

Paul Ploumis
ScrapMonster Author
The quarterly sales dropped from $18.5 billion a year ago to $16.28 billion in the first three-month period of 2024.

ArcelorMittal: Spike in Volumes, Higher Steel Spreads Boosted Q1 2024 Results

SEATTLE (Scrap Monster): ArcelorMittal- the world’s leading integrated steel and mining company announced results for the first quarter of the current year. The surge in volumes coupled with higher steel spreads helped the company deliver improved results during the quarter.

According to company press release, it posted net income of $900 million during Q1 2024, as compared with net loss of $3 billion recorded during the quarter before. The EBITDA too increased from $1.5 billion in the prior quarter to $2 billion in Q1 2024. The scope adjusted steel shipments recorded an increase by 5% during the quarter.

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The crude steel production by the company recorded marginal decline from 14.5 million tonnes (mt) in Q1 last year to 14.4 million tonnes (mt) in Q1 2024. The steel shipments too were down from 14.5 mt to 13.5 mt year-on-year. The quarterly sales dropped from $18.5 billion a year ago to $16.28 billion in the first three-month period of 2024.

At the end of Q1 this year, the company reported net debt of $4.8 billion, compared with a net debt of $2.9 billion as on 31st December, 2023. The net debt declined by $0.4 billion over the past one-year period, despite capex investments of $1.6 billion and shareholder returns of $1.7 billion, it said.

ArcelorMittal anticipates the total capex in 2024 to total around $4.5-$5 billion, out of which $1.4-$1.5 billion will be strategic growth capex.

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